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[SITUATION] · [ACTIVE] · [BUSINESS]
2 clusters · 6 sources · 2 days · First seen · Last updated
Binance security incident and recovery
Overview
On October 30, Binance reported a security incident involving the unauthorized withdrawal of approximately $6.3 billion in token assets from its hot wallet.
In response, DMG Blockchain Solutions issued a statement on October 31 asserting that its company and affiliates were not affected by the incident and that client assets remained secure. The company highlighted its security framework, which utilizes restricted access, separation of duties, and multiple transaction approval levels to prevent unauthorized transactions.
By November 3, Binance began a phased recovery, reopening withdrawals for over one hundred asset and network combinations, including Ethereum, Solana, and BNB Smart Chain. To address solvency concerns, the exchange released a zero-knowledge proof for its October 31 reserve snapshot, allowing holders to verify that balances are backed by at least a one-to-one ratio. Reports indicate that Binance has replenished approximately 95% of the affected assets using its own funds.
Entities
Binance · NIST · AMBCrypto · CryptoQuant · Aethir
Timeline
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[BUSINESS] 3 sourcesBinance reopens withdrawals for multiple assets following security incident
Binance has resumed withdrawals for over 100 asset and network combinations following an October security incident, implementing zero-knowledge proofs to verify reserve backing.
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[TECHNOLOGY] 3 sourcesDMG Blockchain Solutions says client assets secure after Binance incident
DMG Blockchain Solutions announced that its company and affiliates were unaffected by the Binance security incident, asserting that client assets remain secure through layered transaction controls.
Sources
ambcrypto.com · btcnews.com · livebitcoinnews.com · newsbtc.com · rande-academy.cz · tokenpost.kr